Zhitong Hong Kong Stock Early Knowledge | 2026 World Artificial Intelligence Conference opens MINIMAX-W completes the placement of 35.6 million new Class A shares

【Today's Headlines】

The 2026 World Artificial Intelligence Conference and High-Level Meeting on Global Governance of Artificial Intelligence Opens

On July 16, the signing ceremony of the World Artificial Intelligence Cooperation Organization Agreement was held in Shanghai. The 2026 World Artificial Intelligence Conference will take place from July 17 to 20 in Shanghai. United Nations Secretary-General António Guterres will attend the 2026 World Artificial Intelligence Conference and High-Level Meeting on Global Governance of Artificial Intelligence. The UN hopes to promote the responsible use of artificial intelligence for the benefit of all through the 2026 World Artificial Intelligence Conference. The conference has been upgraded to a "three locations, four venues" exhibition model, gathering over 1,100 exhibiting companies and more than 300 globally launched AI products.

According to reporters, MiniMax will showcase its full-modal models and products, including M3 and H3. Among them, MiniMax M3 will have its debut. The newly added multimodal capabilities of M3 allow it to recognize images and videos within intelligent tool flows and operate computers to expand its perception boundaries.

Additionally, at this year's World Artificial Intelligence Conference, Alibaba Group will showcase multiple AI agent platforms. The top ten highlights of the 2026 World Artificial Intelligence Conference have been officially announced, including the STEPX Neo mobile phone with native intelligence of the leap large model, Ant Group's "robotic smart pharmacy," the national 100,000-card AI supercluster from Zhongke Shuguang, the Zhiyuan Expedition A3 Ultra, Alibaba's Zhenwu M890 × Panjiu AL128 super node, iFlytek AI glasses, the "Dawatt·Yunrui" distribution network planning intelligent agent, Matwings Venus conversational protein design agent, ZTE OEX super node, and Baidu Dazi. Huawei's Ascend 950 super node will make its public debut in the form of the industry's largest super node.

【Market Outlook】

NASDAQ Golden Dragon China Index Rises 1.79%

Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 105.67 points from the previous trading day, closing at 52,552.97 points, a decrease of 0.2%; the S&P 500 index fell 38.63 points, closing at 7,533.77 points, a decrease of 0.51%; the NASDAQ Composite Index dropped 387.28 points, closing at 25,881.95 points, a decrease of 1.47%.

Most large tech stocks fell, with Google down over 4%, SpaceX down over 3%, closing below its IPO price for the first time; NVIDIA and Meta fell over 2%, while Apple and Microsoft rose over 1%. Semiconductor and storage concept stocks continued to plummet, with SK Hynix down over 13% and SanDisk down over 12%.

The NASDAQ Golden Dragon China Index rose 1.79%, with most popular Chinese concept stocks up. The Hang Seng Index ADR fell, closing at 24,920.20 points, down 88.40 points or 0.35% compared to the Hong Kong close.

WTI crude oil futures for the current month fell by $0.02, closing at $79.58 per barrel, a decrease of 0.03%. COMEX gold futures for the current month fell by $71.90, a decrease of 1.77%, reporting $3,979.9 per ounce [Hotspot Preview]

Hong Kong Stock Exchange: Average daily turnover of Hong Kong stocks in June was HKD 319.1 billion, up 38.6% year-on-year

The Hong Kong Stock Exchange stated that the average daily turnover of Hong Kong stocks in June was HKD 319.1 billion, an increase of 38.6% year-on-year; the average daily turnover for the first half of the year was HKD 283 billion, up 17.8% year-on-year.

Baidu Group-SW (09888) seeks voluntary conversion to dual primary listing on the Main Board of the Hong Kong Stock Exchange

The main conversion is expected to take effect within this year. The board of directors has also authorized the company's management to carry out relevant preparatory work and take necessary steps to complete the main conversion. After the main conversion, the company will become a dual primary listed company on the Main Board of the Hong Kong Stock Exchange and the NASDAQ Global Select Market, with its Class A ordinary shares and American Depositary Shares continuing to be traded on both exchanges (subject to conditions) and still convertible with each other. The announcement stated that the main conversion is subject to (including) market conditions and obtaining necessary regulatory approvals, and must wait for the above conditions to be met before it can be finalized.

Jiangxi Copper Company Limited (00358) plans to spin off its subsidiary Jiangxi Copper Foil for listing on the Main Board of the Hong Kong Stock Exchange

The company plans to spin off its subsidiary Jiangxi Copper Foil Technology Co., Ltd. (Jiangxi Copper Foil) for listing on the Main Board of the Hong Kong Stock Exchange. After the completion of this spin-off, the equity structure of Jiangxi Copper will not undergo significant changes, and it will still maintain control over Jiangxi Copper Foil.

XPeng Motors: Aiming to build over 1,000 self-operated supercharging stations in 13 European countries

XPeng Motors stated that it aims to build over 1,000 self-operated supercharging stations in 13 European countries, while the new X-Energy megawatt supercharging stations are about to land in Europe. Combining energy storage, 10C supercharging, and AI detection capabilities, it can achieve a maximum output of 1MW. In addition, XPeng will bring two energy solutions to the European market: pure electric and Kunpeng super extended range. The Kunpeng super extended range will officially enter some European markets within this year, suitable for long-distance travel scenarios such as cross-border travel in Europe.

Conant Optical (02276): Achieves multiple positive developments in new smart glasses business

Conant Optical (02276) announced that it has recently made multiple positive developments in its new smart glasses business: 1) The company has recently signed cooperation research and development framework agreements or procurement framework agreements with four leading international and domestic technology companies and consumer electronics giants; 2) The company is also actively expanding and constructing dedicated production lines for XR smart glasses to meet the growing order demand from domestic and foreign customers, including expanding the dedicated production line for XR smart glasses lenses at the Qidong factory and building four new production lines for lens bonding and complete packaging at the Shanghai factory.

China General Nuclear Power Group's "Yuan Yao No. 1" solar thermal molten salt trough collector model released

According to reports from China General Nuclear Power Group, on July 16, the world's first 8.6-meter aperture solar thermal molten salt trough collector model "Yuan Yao No. 1" was released in Xining, Qinghai. This model has made significant progress in photovoltaic conversion efficiency and full-chain independent controllability, providing core technical support for the large-scale development of solar thermal power generation in China. This involves Hong Kong-listed China General Nuclear Power (01816) China Power (02380) plans to sell 24.8726% equity in Qiyuan Chip Power

China Power (02380) announced that the company intends to sell its entire 24.8726% equity in Qiyuan Chip Power (an associate company of the firm). As the company is a state-owned enterprise, according to the relevant Chinese laws and regulations on the transfer of state-owned property, the equity to be transferred must be publicly listed through the Shanghai United Assets and Equity Exchange (an approved equity exchange). The listing price is set at RMB 2.556 billion.

MINIMAX-W (00100) completes the placement of 35.6 million new Class A shares and HKD 6.5 billion convertible bonds

MINIMAX-W (00100) announced that it has completed the placement of 35.6 million new Class A shares at HKD 268.00 per share on July 14, 2026, raising approximately HKD 9.444 billion. Additionally, the placement of zero-coupon secured convertible bonds with a principal amount of HKD 6.5 billion, maturing in 2027, was completed on July 16, 2026, raising approximately HKD 6.433 billion.

Shiyao Group (01093): SYS 6043 for treating platinum-resistant advanced ovarian cancer, primary peritoneal cancer, and fallopian tube cancer officially launches Phase III clinical trial at the first center in China

The group received a clinical trial approval notice from the National Medical Products Administration of China on July 2026, and after approval, it initiated a randomized, multi-center, open-label, positive-controlled Phase III clinical trial evaluating the product compared to investigator-selected chemotherapy for participants with platinum-resistant advanced ovarian cancer, primary peritoneal cancer, and fallopian tube cancer.

CITIC Limited (00267) expects mid-term net profit attributable to shareholders to grow by no less than 6% year-on-year

CITIC Limited (00267) announced that the company expects the net profit attributable to ordinary shareholders for the six months ending June 30, 2026 (reporting period) to achieve a year-on-year growth of no less than 6% compared to the six months ending June 30, 2025 (net profit for the six months ending June 30, 2025: RMB 31.228 billion). This growth is mainly due to the company's strategic deployment around the "335" strategy, fully leveraging the comprehensive advantages of "science, production, and finance," and actively seizing market opportunities, resulting in steady growth in operating performance.

[Stock Highlights]

Maoyan Entertainment (01896): Benefits from summer box office exceeding 3.5 billion

As of July 16, the total box office for the 2026 summer season (including pre-sales) has exceeded 3.5 billion. Notably, following "Kung Fu Soccer," another blockbuster film is set to be released this summer. As of July 15, 10:37 PM, the animated comedy film "Eight Immortals!" has surpassed 50 million in total box office for screenings and pre-sales. Additionally, as of the time of writing, "Kung Fu Soccer" is nearing a total box office of 900 million.

WanLian Securities pointed out that "Kung Fu Soccer," directed by Stephen Chow, served as a core driving film last week, fully leveraging the role of major blockbusters in revitalizing the market. Relying on the national-level director's IP and the differentiated theme of kung fu + sports comedy, it accurately meets the needs of audiences of all ages. After its release, the film's screening rate, attendance rate, and daily box office have consistently led the season, driving the overall market to achieve significant month-on-month growth. The supply of key films remains dense from late July to August during the second half of the summer season, with multiple important films worth continuous tracking